5 Facts on Tax Policy “Reform”

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E-mail: press@nyic.org

(Friday, November 17, 2017)

5 Facts on Tax Policy “Reform”

Yesterday, the House of Representatives passed a tax reform bill that will drive up the federal deficit and ultimately open the door to massive cuts to Medicare and Medicaid. The bill represents an immediate threat to middle and low income New Yorkers, and immigrant communities in particular.

“The Republican tax reform proposal is a twisted vehicle to deliver on the Trump administration’s anti-immigrant and anti-middle class agenda. From crippling Medicaid, Medicare and the ACA, to cutting off U.S. citizen children with immigrant parents from critical benefits, the proposed tax “reform” is a craven attempt to enrich millionaires on the backs of the poor and middle class while decimating the social safety net. We will not make America greater by taking aim at those most vulnerable among us,” said Steve Choi, Executive Director of the New York Immigration Coalition.

The Senate bill is even worse. It would:

1. Increase child poverty and hurt children by taking the Child Tax Credit away from parents without social security numbers who claim it for their U.S. citizen children.

2. Repeal the individual mandate for everyone to have health insurance, thereby causing 13 million people to lose health coverage and insurance premiums to increase for everyone else. People with preexisting conditions would be especially affected, all to deliver savings to corporations and the 1% richest in the nation.

3. Eliminate critical deductions for teachers who buy supplies for their classrooms, graduate students whose scholarships are currently tax-exempt, and everyone who benefits from the ability to deduct their state and local taxes. Except the corporations: they get keep to keep deducting state and local taxes.

4. Make the rich richer by giving 42% of the tax cut to the richest 1% in New York. The wealthiest in NYS will get a $34,000 tax cut each year on average once the plan is fully phased in.

5. Favor corporations, through a $1 trillion tax cut to wealthy corporations and business owners, which is two times as much as much as individual taxpayers get. According to the Joint Committee on Taxation, by 2027, as many as 36 million people making under $75,000 will see a tax increase. 36 million Americans will see HIGHER taxes, especially middle income workers. 1,690,000 New Yorkers will see a tax hike in 2027.

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The New York Immigration Coalition (NYIC) is an umbrella policy and advocacy organization for nearly 200 groups in New York State. We envision a New York state that is stronger because all people are welcome, treated fairly, and given the chance to pursue their dreams. Our mission is to unite immigrants, members, & allies so all New Yorkers can thrive. We represent the collective interests of New York's diverse immigrant communities and organizations and devise solutions to advance them; advocate for laws, policies, and programs that lead to justice and opportunity for all immigrant groups; and build the power of immigrants and the organizations that serve them to ensure their sustainability, to improve people's lives, and to strengthen our state.